Beverly - Hanks Mortgage Services Rates, Fees & Info
Asheville, NCLEI: 5493000JHK8ZOZKD8J96
Tax ID: 56-2172712
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Mortgage Data
Review & Overview
Beverly - Hanks Mortgage Services is a smaller mortgage company specializing in Home Purchase, Refi, and Cash Out Refi loans. Beverly - Hanks Mortgage Services has a high proportion of conventional loans. Their top two markets are Asheville and Charlotte .Beverly - Hanks Mortgage Services has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Beverly - Hanks Mortgage Services is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
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Originations
3Origination Dollar Volume (All Markets)
$875,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| ASHEVILLE, NC (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $3,753 | 2.81% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,458 | 2.88% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 3 | $875,000 | $291,667 | $3,988 | 2.83% |
For 2020, Beverly - Hanks Mortgage Services's most frequently originated type of loan was Conventional, with 3 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 1 | $205,000 | $205,000 | $4,458 | 2.88% |
| Refi | 1 | $265,000 | $265,000 | $2,174 | 3.38% |
| Cash Out Refi | 1 | $405,000 | $405,000 | $5,333 | 2.25% |
For 2020, Beverly - Hanks Mortgage Services's most frequently cited loan purpose was Home Purchase, with 1 originations. The 2nd most popular reason was Refi, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 2 | $470,000 | $235,000 | $3,316 | 3.13% |
| 15 Year | 1 | $405,000 | $405,000 | $5,333 | 2.25% |
For 2020, Beverly - Hanks Mortgage Services's most frequently cited loan duration was 30 Year, with 2 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 1 | $265,000 | $265,000 |
| $2k-3k | 1 | $205,000 | $205,000 |
| $3k-4k | 1 | $405,000 | $405,000 |
Beverly - Hanks Mortgage Services's average total fees were $3,316, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| <2.5% | 1 | $405,000 | $405,000 |
| 2.5-3% | 1 | $205,000 | $205,000 |
| 3-4% | 1 | $265,000 | $265,000 |
During 2020, Beverly - Hanks Mortgage Services's average interest rate for loans was 3.13%, while their most frequently originated rate bucket for loans was <2.5%, with 1 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 2 | $470,000 | $235,000 | $3,316 | 3.13% |
| $400k-600k | 1 | $405,000 | $405,000 | $5,333 | 2.25% |
2020 saw Beverly - Hanks Mortgage Services place emphasis on $200k-400k loans with 2 originations, totaling $470,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 2 | $470,000 | $235,000 | $3,316 | 3.13% |
| $250k+ | 1 | $405,000 | $405,000 | $5,333 | 2.25% |
Beverly - Hanks Mortgage Services lent most frequently to those with incomes in the $50k-75k range, with 2 originations. The second most popular income band? $250k+, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 1 | $405,000 | $405,000 | $5,333 | 2.25% |
| 30-36% | 1 | $265,000 | $265,000 | $2,174 | 3.38% |
| 42% | 1 | $205,000 | $205,000 | $4,458 | 2.88% |
Beverly - Hanks Mortgage Services lent most frequently to those with DTI ratios of 20-30%, with 1 originations. The next most common DTI ratio? 30-36%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 3 | $875,000 | $291,667 | $3,988 | 2.83% |
Approval Rates
Total approvals of all applications77.72%
Beverly - Hanks Mortgage Services has a below average approval rate.
Pick Rate
Approvals leading to origination-4,666.67%
Beverly - Hanks Mortgage Services has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 3 | $875,000 | $291,667 |